Topics:

New Rules, Proposed Rules and Guidance

• SEC Stays Effectiveness of Amendments to Proxy Rules that Facilitate Rights of Shareholders to Nominate Directors
• SEC Amends Regulation FD as Required by the Dodd-Frank Act
• CFTC Requests Comments on Amendments to Limit the Use of Futures by Investment Companies
• SEC Proposal Regarding Mutual Fund Distribution Fees
• SEC Adopts Amendments to Part 2 of Form ADV

Legislation

• House Passes Regulated Investment Company Modernization Act of 2010
• Dodd-Frank Wall Street Reform and Consumer Protection Act Enacted
• Congress Passes Legislation Limiting Confidentiality Protection for Materials Provided to the SEC
• Whistleblower Provisions Under the Dodd-Frank Act
• Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 Enacted

Litigation

• Massachusetts Supreme Court Rules on Application of the Business Judgment Rule
• Ninth Circuit Finds No Private Right of Action under Section 13 of the 1940 Act

Other News

• SEC’s Enforcement Head Testifies on Mutual Fund Fee Initiative
• SEC Issues No-Action Letter on Soft Dollar Arrangements
• SEC Staff Issues No-Action Letter and Interpretation under Rule 2a-7
• SEC Staff Issues Observations Regarding Fund Derivatives Disclosure
• New California Account Opening Disclosure Requirement
• SEC Supports Sarbanes-Oxley Whistleblower Provisions for Adviser Employees

Enforcement Actions

• Former State Street Employees Charged by SEC for Misleading Investors About Subprime Mortgage Investments
• SEC Charges Broker-Dealer for Deficient CIP Procedures
• SEC Charges Former Audit Partner and Son With Insider Trading

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